Mytilineos Energy & Metals said in a statement that it has signed an agreement with the French company Imerys for the acquisition of 100% of the shares of Imerys Bauxites for 10 million euros. The agreement concerns all bauxite mining activities in the Fokida area, which will now be part of Mytilineos’ Metallurgy Sector.
Mytilineos is significantly strengthened following the agreement, as the bauxite production capacity of the mining activity already available to Mytilineos through Delphi-Distomon, whose annual production amounts to 570,000 tons of bauxite, is increased. The acquisition is carried out by Mytilineos, but in a second stage, Imerys Bauxite will merge with the 100% subsidiary Delphi Distomon, with a total production of more than 1.2 million tonnes whilst fully exploiting internal synergies.
“The agreement with Imerys, the world’s leading supplier of mineral-based specialty solutions, for the acquisition of Imerys Bauxites, marks a new major chapter for Mytilineos,” Chairman and CEO of Mytilineos, Evangelos Mytilineos, said.
Upon completion of the transaction, 10 million euros will be paid. Mytilineos will have the obligation to supply specific quantities of bauxite to Imerys for a period of four years.The transaction is subject to approval from the Hellenic Competition Commission.
